Ellenbecker Investment Group Sells 78 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ellenbecker Investment Group trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,793 shares of the semiconductor manufacturer’s stock after selling 78 shares during the period. Ellenbecker Investment Group’s holdings in Broadcom were worth $300,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last 90 days. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on AVGO. Wells Fargo & Company lifted their target price on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Friday. Susquehanna lifted their price target on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a report on Friday, June 6th. Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Finally, Rosenblatt Securities lifted their price target on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $272.71.

Broadcom Price Performance

Broadcom stock opened at $244.63 on Wednesday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The stock has a market capitalization of $1.15 trillion, a P/E ratio of 199.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The stock has a fifty day moving average of $206.98 and a 200-day moving average of $207.63.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 EPS. Broadcom’s revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.